On April 5, Michael Saylor, the Executive Chairman of MicroStrategy, a US-based business intelligence company, announced via Twitter that the firm had purchased an additional 1,045 Bitcoin (BTC) at an average cost of $28,016 per BTC, for a total of approximately $29.3 million.
MicroStrategy has acquired an additional 1,045 #bitcoin for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4/4/2023 @MicroStrategy holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin. $MSTR https://t.co/IBufTxalnv
— Michael Saylor⚡️ (@saylor) April 5, 2023
MicroStrategy has now procured a total of 140,000 Bitcoin at an average cost of $29,803 per BTC, amounting to roughly $4.17 billion. This is a significant achievement for the organization, which is actively pushing for Bitcoin as a reserve asset.
Saylor has emerged as a prominent advocate for Bitcoin, leading the charge for companies to adopt the leading cryptocurrency as a strategic asset. He consistently highlights Bitcoin’s unparalleled security and reliability as a store of value, emphasizing its potential to protect corporate assets against inflation.
On March 27, 2023, Saylor invested an additional $150 million in Bitcoin, sparking discussions among cryptocurrency enthusiasts regarding the potential impact of the acquisition on the crypto markets.
According to a filing submitted to the U.S. Securities and Exchange Commission (SEC), Saylor recently cleared the outstanding principal amount of MicroStrategy’s $205 million loan from Silvergate Bank, a now-defunct financial institution that provided banking services to multiple crypto firms.
Since its initial Bitcoin purchase in August 2020, MicroStrategy has continued increasing its holdings. With this most recent acquisition, the company’s total Bitcoin holdings now exceed $12.6 billion, underscoring their unwavering confidence in the cryptocurrency’s long-term potential.
Last month, the Office of the Attorney General for the District of Columbia filed a lawsuit against the MicroStrategy chief executive over allegations of tax evasion. According to a February 28 filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy confirmed that the court had not dismissed a claim against Saylor for failing “to pay personal income taxes, interest and penalties due” following an October 2022 motion from the firm. However, the court granted a motion dismissing allegations that Saylor — on his own and acting in concert with MicroStrategy — violated the District of Columbia’s False Claims Act.
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